Adani Stocks See Profit Booking, While PSU Banks, Bajaj Electricals, Minda Shares Surge

Indian equity markets opened lower with the Nifty index slipping below 25,100. Sectorally, barring PSU banks, all sectors traded in the red, led by autos and technology.

At 09:50 a.m. IST, the Nifty 50 traded 92 points lower at 25,077, while the Sensex was down 318 points at 81,713. Broader markets also remained under pressure, with the Nifty Midcap index falling 0.3% and the Smallcap index flattish.

The retail sentiment on Stocktwits for the Nifty remained ‘bearish’ at market open. 

Stock Watch

Adani group stocks experienced profit booking after a stellar run-up since Friday, driven by a regulatory clean chit. Adani Power fell 4%, Adani Green was down 2% and Adani Enterprises slipped 1%. 

Swiggy fell 1% after its board approved the sale of Rapido shares to Prosus-owned MIH Investments One B.V. for ₹1,968 crore and to Setu AIF Trust for ₹431.5 crore.

Bajaj Electricals surged 11% after its board approved the acquisition of the ‘Morphy Richards’ brand and IP rights for ₹146 crore across South Asian markets.

Minda Corporation shares rose 7% as Nuvama raised its target price on strong FY30 revenue growth projections.

While Ashok Leyland fell 2% following a downgrade from Goldman Sachs to Neutral with a price target of ₹140, citing limited upside potential. 

And Lemon Tree shares gained 1%. The chain signed two new properties under its Keys brand in Varanasi and Rewa.

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Wednesday with a 1-week timeframe:

Torrent Power: Buy at ₹1,279, for a target price of ₹1,320, and stop loss at ₹1,260

Hindustan Zinc: Buy at ₹461, for a target price of ₹475, and stop loss at ₹455

Deepak Fertilizers: Buy at ₹1,518, for a target price of ₹1,550, and stop loss at ₹1,505

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Analyst Prabhat Mittal identified Nifty support at 25,040 with resistance at 25,250. For Bank Nifty, he sees support at 55,200 and resistance at 55,850.

Ashish Kyal said that if the Nifty index closed below 25,140 on a 15-minute timeframe, it could retest the 25,070-25,050 levels. A break above 25,270 is required for a scalping trade to 25,340. Prices are moving in a range as expected, with a negative bias unless it closes above the previous day’s high. Kyal sees the markets rangebound between 25,050 and 25,270 today.

Varunkumar Patel noted that foreign Institutional Investors (FIIs) sold over ₹ 3,500 crore in the cash market, indicating persistent outflows. In the derivatives segment, FIIs have reduced some of their net index shorts; however, their positioning remains tilted towards the short side, indicating that they don’t see a strong near-term upside. 

Patel expects the market to remain range-bound between 25,000 and 25,500 for the coming week. Post corporate earnings, a significant directional move (up or down) is likely. He advised traders to avoid aggressive bets, focus on short-term trades with tight stop-losses, and wait for earnings-led confirmation before building positions.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices extended gains amid easing oversupply concerns.

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